China COSCO Holdings Co surged in Hong Kong trading after reaching an agreement to buy the world's largest fleet of dry-bulk ships for US$4.58 billion in cash and stock.
The shipping line will buy 412 vessels from its parent China Ocean Shipping (Group) Co, it said in a Hong Kong stock exchange statement last day. China COSCO, Asia's largest container shipping line, wants to add dry-bulk vessels as China's surging imports of raw materials have caused rates to double in the past year.
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